1ST Source Bank Sells 140,473 Shares of 1st Source Corporation (NASDAQ:SRCE)

1ST Source Bank cut its holdings in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 2.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,195,001 shares of the financial services provider's stock after selling 140,473 shares during the quarter. 1st Source comprises 18.3% of 1ST Source Bank's holdings, making the stock its largest position. 1ST Source Bank owned 21.15% of 1st Source worth $310,713,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC grew its holdings in 1st Source by 14.3% during the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after acquiring an additional 315 shares during the period. Financial Life Planners grew its holdings in 1st Source by 239.1% during the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock worth $166,000 after acquiring an additional 1,963 shares during the period. Tower Research Capital LLC TRC grew its holdings in 1st Source by 143.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock worth $218,000 after acquiring an additional 2,204 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in 1st Source during the fourth quarter worth about $219,000. Finally, Polymer Capital Management US LLC acquired a new stake in 1st Source during the fourth quarter worth about $233,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SRCE has been the topic of several research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a report on Saturday, July 12th. Piper Sandler raised their price objective on 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a report on Monday, April 28th.

1st Source Trading Down 0.7%

Shares of SRCE stock traded down $0.48 on Friday, hitting $63.55. The stock had a trading volume of 56,618 shares, compared to its average volume of 89,125. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $1.56 billion, a P/E ratio of 11.17 and a beta of 0.68. 1st Source Corporation has a 1 year low of $52.14 and a 1 year high of $68.13. The company's 50 day moving average price is $62.00 and its 200-day moving average price is $60.83.

1st Source (NASDAQ:SRCE - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping the consensus estimate of $1.36 by $0.16. 1st Source had a return on equity of 12.26% and a net margin of 24.17%. The firm had revenue of $104.04 million during the quarter, compared to analysts' expectations of $100.97 million. Analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a dividend of $0.38 per share. This is a boost from 1st Source's previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Monday, May 5th. 1st Source's dividend payout ratio is currently 26.71%.

1st Source Company Profile

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.